Like any bubble, those who are the last in are the first to fall. When you get caught up in the frenzy, you toss caution out the window. Bad idea. It’s those with the patience to spot the up and coming neighborhoods and start the trend that win. Once it hits the media it’s too late. You’re in the bubble.
Assuming you’re not in a totally down and out neighborhood or city with little future, you’re likely to be okay if you don’t panic. Again, don’t get emotional. Hang on and plan for the future. Learn from it and try again. Slowly. Don’t give up, walk away and torch your credit. Guard your credit like gold. It’s your lifeline to a secure future. Torch it and you’ve a long, hard road back.
Real estate has crashed before. It will again. And it will bounce back. It just may take awhile. But with a keen eye, patience and more patience, it will treat you well. Just remember to check your emotions at the door. And believe.
